“The new home finance product is specifically designed for expatriates
living in the Kingdom,” Samer Farhoud, chief executive officer of Deutsche Gulf
Finance (DGF), told Arab News on Friday.
He added that the launch would be supplemented by a workshop
to be held in Riyadh to create awareness of the new product among expatriates
in the capital.
The proposed event, to be held over this week, would outline
the advantages of owning a house against paying rent.
“This program has been designed specifically to meet the
needs of expatriates residing in the Kingdom who wish to own their homes, with
a repayment period of up to 30 years, with no need for salary transfer, and you
only need to be at your current employer for three months to qualify,” said
Farhoud.
He also spelt out the other benefits, which include home
insurance that exempts the client from payment in case of death or disability,
as well as lump sum payments being allowed, which is exclusive at DGF.
“The majority of residents in the Kingdom tend to rent
during their period here. However, when they look at the benefits of
purchasing, they do think twice. It is an opportunity for all foreign residents
to invest in the Kingdom and benefit from the growing real estate market,” said
Khalid Alkhudair, head of marketing and communications at DGF.
Speaking about the workshop, he said the company expects
over 100 participants as part of efforts to educate the public and ensure a
sustainable presence in the Kingdom as part of DGF’s extensive corporate social
responsibility activities.
DGF has posted a registration form on their website
(www.deutschegulf.com) inviting all expatriates to join their workshops.
Alkhudair said the company has a list of house developers who could provide
useful information for loan applicants.
Deutsche Gulf Finance is a joint venture between Deutsche
Bank and a group of prominent Saudi investors led by Fahad Abdullah Abdulaziz
Al-Rajhi.
The company provides home finance solutions on residential
properties for consumers in an entirely Shariah-compliant format. Deutsche Gulf
Finance has commenced financing on completed residential properties for
purchase, equity release, and investment to Saudi nationals and expatriates.
“At Deutsche Gulf Finance, we are committed to providing
ethically-responsible home financing solutions in the Gulf Cooperation Council
region. Our primary purpose is to empower our people and enrich their lives by
allowing them to build a foundation for generations to come. This commitment is
demonstrated by our innovative products, our dedicated staff and our visionary
shareholders,” Al-Rajhi said.
“The need for housing in Saudi Arabia is expected to
increase significantly over the next decade. At present, homeowners are a
minority of the country’s population. Home financing is a social imperative and
will be a strong contributor to economic growth and prosperity in the region.
Deutsche Gulf Finance has aligned its business with the region’s needs by
offering a diverse line of products focused solely on providing flexible and
accessible home finance solutions that are entirely Shariah-compliant.”
Al-Rajhi pointed out that the company has acquired global
best practices and expertise from its partner, Deutsche Bank, and has adapted
them to be consistent with the local market.
“We at Deutsche Gulf Finance are strong advocates of home
ownership. We intend to promote a shift in the economy from ‘spending to
consume’ to ‘spending to invest.’ Our success in creating this transformative
shift will result in the development of a vibrant housing market in the GCC
region.”
